2008 I Page 1 Aladdin Oil & Gas Company ASA Positioned for growth EGM Oslo, November 2010

2010 I Page 2 Disclaimer This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward- looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of the respective group companies or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results. AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of the group companies or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. By attending the investor presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business. This Presentation is confidential and is being communicated in the United Kingdom to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (such persons being referred to as “investment professionals"). This presentation is only directed at qualified investors and investment professionals and other persons should not rely on or act upon this presentation or any of its contents. Any investment or investment activity to which this communication relates is only available to and will only be engaged in with investment professionals. This Presentation (or any part of it) is not to be reproduced, distributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (excluding an investment professional’s advisers) without the prior written consent of the Company. This Presentation and the information contained herein do not constitute an offer of securities for sale in the United States and are not for publication or distribution to U.S. persons (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)). The securities proposed to be offered in the Company have not been and will not be registered under the Securities Act and may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from the registration requirements of the Securities Act.

CORPORATE STRUCTURE 2010 I Page 3

OPERATIONS  PRODUCTION Currently producing around m3/day (~900 boepd) of gas and 150 bopd of oil – totalling more than 1000 boepd  Focus on Work Program 2010/2011 Purpose of work program Increase production of: Gas in Ukhta Oil in Orenburg Prove up more reserves for development Structures believed to contain gas in Ukhta Medium/heavy oil Ukhta Gas/condensate/oil Veselovskoye license Orenburg Get a better understanding of the reservoirs By additional 200km 2D seismic in Ukhta focus over existing known structures and the existing gasfield 200km 2D survey in Veselovskoye License Orenburg VSP prior to sidetrack for Voinskoye and Besidinskoye fields in Orenburg I Page 4 Producing gas well Ukhta

UKHTA  Increasing gas production and increased revenue stream Second well brought on stream with success Positive EBITDA  Gas treatment facilities working according to plan Easy to increase scale by drilling more wells on more structures  Increased production expected from well 1E short term 2010 I Page 5

UKHTA Seismic program  200KM 2D seismic survey focused on Existing prospects Gas field  High resolution shallow seismic Cheaper 5-6 people crew More flexible Less impact in environment 2010 I Page 6

UKHTA OPPORTUNITIES GAS  Gas field Drill well 1E on the crest of the structure to enhance production short term New well design, reputable contractors and supervison will improve well performance  Structure 14: Drill second well in this structure Well 14A discovered gas in 2009 Approx 20km to gas facilities  Structure 7 Drill second well in this structure Well 7A drilled in 2009 – logs indicate gas Short distance to gas facilities – only 7-8km  Structure 10 Drill well 10A in this structure Well 807 proved gas in this structure  Structure 19 Big rollover with huge potential if proved Access difficult – may use helicopter Possible high pressure 2010 I Page 7 Prospect 19 E/W Seismic line through prospect 19,12,13,14 Prospect 13 Prospect

SHALLOW OIL WU I Page 8 Cross section wells 16,17,31  Wells 16,17,20,31 all encountered oil bearing reservoir around m. Wells 16,31 have gascap Well 31 is on another side of n/s fault  Change of well design and optimize lifting system  Reservoir may be significant Up to 40mln boe resource estimate (company estimate)  Possible MET tax holiday for viscous/heavy oil Significantly improve netback Design WU oilwell Possible structure – SW part of WU license

Orenburg opportunities  Veselovskoye field Work over well 54,56,35 Objective to log and test wells to prove productivity Gas/oil/condensate in different structures and horizons  Voinskoye field Run VSP in well 96 Sidetrack well 96 based on info from VSP  Besidinskoye field Run VSP in well 304 Sidetrack well 304 based on info from VSP  Nikiferovskoye field Optimize production from well 61 Start preparing water injection in well 83 Sidetrack well 57 in H I Page 9

ORENBURG SEISMIC PROGRAM I Page 10  200KM 2D seismic in Veselovskoye license Objective to: Obtain info about existing 5 discoveries Convert resources to reserves Prove up additional prospects mapped earlier Search for mid/deep Devonian Concept: Depocenter for Urals basin just south of Ves license. No wells in this area have penetrated the deep Devoinian Good potential for the license based on16 leads and 4 known structures penetrated by wells. Wells 23,33,35,38,54,56 all discovered oil/condensate Light oil gravity 0,85-0,79 TNK BP fields Lebyasinskoye and Zagorskoye just outside the license border. Excellent flowrates Same reservoirs except for D6 and D7 D7 encountered in some well in Veselovskoye as sandstone.

CROSS SECTION VS ZAGORSK TNK BP Field 2010 I Page 11 Same horizons proved and producing in TNK BP field Zagorsk m shallower Concept to prove up mid/deep Devonian

FINANCIAL UPDATE Accounting processes has been significantly improved New chief accountant in Orenburg New financial director in Orenburg Internal controlling improvement project in Orenburg Financial director in Russian entities refocused on Ukhta Finalizing on 2009 accounts and audit in progress Audit/internal control issues have been resolved Expected completed early/mid December AGM expected mid December Financial position of the Company has been significantly improved No expensive coupon payments Constructive work with trade creditors 2010 I Page 12